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This policy gets its name from the common reason for why it’s purchased. The death benefit is typically enough to cover all funeral and burial costs – these are the “final expenses”. That’s also why this is also known as burial insurance.
The death benefit ranges from $2,000 to $50,000 depending on the insurance company, and how much it is willing to offer the person purchasing it. By comparison, funeral costs average between $7,000 and $12,000.
While it is among the least discriminatory insurance policies on the market, factors such as age and gender influence the monthly premiums and the size of a policy a person can get. This is because these are closely tied to life expectancy. Women pay lower rates because their average life expectancies are higher than men’s. Older individuals are closer to the end of life, therefore not being able to pay as much in premiums as a younger person would.
The funds disbursed to loved ones can be used for any purpose – no strings attached. This is a tax-free benefit, so your loved ones will get the exact amount you allotted to them.
Your beneficiaries can use the death benefit for expenses such as:
They may also use it for leisure. This can help them cover costs like traveling and vacation. The uses are endless.
Final expense insurance can also be of use while you’re still alive. For instance, you can get final expense insurance as a means of obtaining collateral for a loan.
At Expense Mutual, we believe you should be able to provide for your loved ones and pass on your legacy. Give us a call today at 888-280-2825 to learn more about your final expense options and if it’s the right choice for you and your loved ones.